Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0653%/8h= +71.5% APRpaid last 24h +0.027%

Price spread now: GMX against KuCoin−0.071%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. GMX is 0.071% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.071% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 9 hours of funding at the current rate (+$20 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2105	0.0100	pay 0.0050% / 4h	57m 58s	$24.6M	$15.7M	75x
Short	GMX ENA/USD [ETH-USDC]	0.2104	L +0.0306% / S −0.0753%	get 0.0094% / 1h	57m 58s	$58K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee KuCoinbpFee GMXbpOrdersPrice spread, now −0.071%Rate

Funding earned: $137.18
Price spread: −0.071% → 0.000%: −$7.12
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $106.06
Costs to cover: 0.240%
Break-even: 1.6 days

Slippage unknown: KuCoin: live order book, 11 min ago; GMX: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy KuCoin live order book, 11 min ago	2.84 bp	15.6 bp −$16	32.0 bp −$320	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ENA on 42 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack ENA_USDC_PERP	−0.0207%	1h	0.2104	−0.057%	$386K	$455K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0099%	4h	0.2102	−0.152%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2101	−0.214%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2104	−0.076%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2103	−0.097%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.850%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2100	−0.261%	$55K	$480K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	−0.272%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2099	−0.304%	$556K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2106	+0.019%	$113.8M	$75.6M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2105	−0.024%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2100	−0.245%	$398K	$541K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2105	−0.019%	$127.7M	$426.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2104	−0.090%	$90.4M	$187.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2105	−0.014%	$21.0M	$107.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2105	−0.005%	$33K	$317K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2101	−0.214%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2103	−0.095%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2104	−0.062%	$12.5M	$26.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2105	−0.005%	$38.1M	$42.3M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2105	long leg	$24.6M	$15.7M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2103	−0.100%	$47.7M	$59.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2104	−0.090%	—	$31.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2102	−0.158%	$3.0M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2103	−0.096%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	−0.076%	$348K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	+0.024%	$19K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2102	−0.176%	$182K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2050	−2.617%	$967	$903K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2103	−0.119%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2108	+0.128%	$265K	$826K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2104	−0.071%	$1.8M	$8.8M	50x	as long as short
Lighter ENA	+0.0104%	1h	0.2105	−0.005%	$5.0M	$13.6M	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2104	−0.087%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	−0.088%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2106	+0.024%	$8K	$264K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0149%	1h	0.2104	−0.078%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]short	L +0.0306% / S −0.0753%	1h	0.2104	−0.071%	$58K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.152%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2100	−0.238%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2106	+0.024%	$869K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.1288%	1h	0.2103	−0.105%	$139K	$16K	5x	as long as short